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Greek cement maker Titan narrows losses helped by U.S.
May 11, 2017 / 9:02 AM / 6 months ago

Greek cement maker Titan narrows losses helped by U.S.

ATHENS, May 11 (Reuters) - Greece’s largest cement maker Titan said on Thursday first-quarter net loss narrowed helped by robust growth in the United States.

Titan reported a net loss of 3.9 million euros ($4.25 million) versus a loss of 18.6 million a year earlier.

Sales rose 7.1 percent to 361.8 million euros due to strong demand for building materials and continued investment in the United States.

Titan has spent more than 200 million euros to expand in the United States over the last three years to offset slowed demand in crisis-hit Greece.

The U.S. business, which accounts for half of the company’s turnover, will remain a driver of growth this year as well, Titan said, adding that prospects for the year were still positive.

$1 = 0.9185 euros Reporting by Angeliki Koutantou

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